In Foreclosure? Time Moves Fast

You may be wondering how much time you have to remain in your home during the foreclosure process, as many people are lately after the 2008 housing crisis. The final event in a foreclosure in NYC or Brooklyn is a long process, and is the trustee sale. This sale is also referred to as an auction or sheriffs sale. This foreclosure in Brooklyn, for example, will have the buyer loose his or her house in a legal process through the court system. Sometimes the buyer is actually two people: the highest bidder and the bank.

Nonetheless, after this takes place, and the deed is moved into the new owner’s name, the next step would be to evict you from your home. The eviction periods can vary, but some can be as short as 5 days up to 90 days.

What About Your Belongings?

There are laws about how your belongings should be handled during the process in which you are evicted. Be careful in a foreclosure in Brooklyn, or NYC, you may have your belongings placed on the sidewalk, and you need to be sure you do not get further tickets from the Department of Sanitation. Some may hold them for a brief period while others may get rid of them right away. Understanding how the foreclosure process in NYC works will allow you to move more freely through the process and know the steps along the way.

If you are trying to stop the foreclosure on your home, there are methods that you can use to do, such as a short sale, trustee sale, refinancing, etc. Before leaving your home after a foreclosure notice, be sure you understand what step of the process you are in, as there may be time to keep your home and stop all sales.